A Transaction Is an Exchange of Value, Such as a Purchase

question 12

True/False

A transaction is an exchange of value, such as a purchase, a sale, or the conversion of raw materials into a finished product.

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Definitions:

Shipment Contract

A type of sales contract where the seller is required to send the goods to the buyer, but the risk of loss passes when the goods are handed to the carrier.

Risk of Loss

A legal term referring to the responsibility for damage, destruction, or loss of goods, especially in the context of the sale or transport of those goods.

Hijacked

When something is hijacked, it is taken control of forcefully or unlawfully, often referring to vehicles like planes or trucks, but also can describe situations where control is usurped illegally or unethically.

CISG

The United Nations Convention on Contracts for the International Sale of Goods is a treaty designed to provide a standardized framework for international trade.